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Peninsula Land to invest Rs 160 cr to develop 600 apartments in Pune

Press Trust of India  |  New Delhi 

Ashok Piramal Group's realty firm Tuesday said it will invest Rs 160 crore to develop 600 apartments in the second phase of its affordable housing project in

The Mumbai-based firm had in April last year launched 900 units in the first phase of the 50-acre project -- addressOne -- located at Gahunje, The project cost was Rs 200 crore.

The company has launched the second phase named 'addressOne Central Park' to develop 600 apartments, said in a statement.

The project received a good response in the first phase, and MD said.

"We plan to invest a further Rs 160 crore in developing 600 apartments in the second phase. At Peninsula Land, we believe in providing homes that are affordable and yet offer luxurious amenities to our customers," he added.

Peninsula has tied up with that will provide home buyers interest free loan on stamp duty and registration. The project is also PMAY (Pradhan Mantri Awas Yojana) approved which will help home buyers get up to Rs 2.67 lakh in the form of interest subsidy.

"With growing urbanisation, has a huge demand for affordable homes and to give the necessary fillip to this sector, the government too has provided several initiatives for the affordable housing sector," Piramal said.

has delivered more than seven million sq ft of Over 10 million sq ft is under construction and in the pipeline in Mumbai, Bengaluru, Pune, Goa, and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 14:10 IST